In recent years, the increasing prevalence of chronic diseases such as diabetes and cancer among individuals is leading to a rising demand for early diagnosis for better patient care. Blood group testing is necessary for cancer patients, as the disease may require blood transfusion for treatment. Blood products such as platelets used for treating cancer patients have a shorter shelf-life, which increases the demand for blood products. The increase in the prevalence of chronic diseases, coupled with the demand for early diagnosis through blood group typing, has significantly led to the growth of the market. analysts have predicted that the blood group typing market will register a CAGR of almost 10% by 2023.
Rise in donation rates owning to increase in awareness
There has been an increase in the blood donation rate due to the rising importance and awareness of blood donation. Therefore, the demand for blood group typing products such as instruments, consumables, and reagents among end-users such as hospitals, clinics, and blood banks is increasing.
Risks associated with blood transfusion
Blood transfusions involve the risk of complications during or post transfusion. Some of the risks and complications of blood transfusion include acute immune hemolytic reaction wherein the immune system attacks the transfused red blood cells because the donor blood type is not a good match. Thus, the complications and risks arising as a result of blood transfusion are restricting the growth of the global blood group typing market.
For the detailed list of factors that will drive and challenge the growth of the blood group typing market during the 2019-2023, view our report.
The global blood group typing market is moderately concentrated and as the market is in its growth phase, the competition among companies is intense. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.